{"id":1789,"date":"2011-10-06T10:09:57","date_gmt":"2011-10-06T10:09:57","guid":{"rendered":"http:\/\/localhost\/wp3\/?p=1789"},"modified":"2011-10-06T10:09:57","modified_gmt":"2011-10-06T10:09:57","slug":"australia-to-get-first-islamic-equity-fund","status":"publish","type":"post","link":"https:\/\/sunnionline.us\/english\/2011\/10\/06\/1789\/","title":{"rendered":"Australia to Get First Islamic Equity Fund"},"content":{"rendered":"<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"images\/stories\/news1\/islamic_banking_australia.jpg\" border=\"0\" align=\"right\" \/>Putting Australia on the path to join the booming Islamic finance, a Muslim wealth manager is planning to establish the country\u2019s first Shari`ah-compliant equity fund.  <!--more-->  <br \/> \u201cAs the market grows we\u2019ll have more and more companies to invest in,\u201d said Talal Yassime, managing director of Crescent Wealth, The Sydney Morning Herald reported Wednesday, October 5.<br \/>Yassime plans to launch a Shari`ah-compliant equity fund early next year.<br \/>The Crescent Australian Equity Fund (CAEF) is aimed at allowing Australians to tap into the $1.4 billion Islamic investment market.<br \/> \u201cAs Australians we have zero of that market,\u201d said Yassime.<br \/>He believes that there was a lot of \u201cpent-up demand\u201d for Islamic investment opportunities.<br \/>The Islamic equity fund is the first in a number of Shari`ah-compliant products the wealth manager plans to produce.<br \/>It plans to launch property and international equity funds by the end of this year.<br \/>A fixed income fund is also planned for early next year as well as a superannuation retail product.<br \/>Muslims, who have been in Australia for more than 200 years, make up 1.7 percent of its 20-million population.<\/p>\n<p><strong>Bonanza<\/strong><\/p>\n<p>Yassime hopes that the Shari`ah-compliant fund will help put Australia on right path to get a share of the booming Islamic banking.<br \/> \u201cAt least 40 percent of the investment universe is not included in our investment universe,\u201d he said.<br \/> \u201cWe are hopefully giving birth to an elephant.\u201d<br \/>Islamic finance is one of the fastest growing sectors in the global financial industry.<br \/>The Islamic banking industry, which began almost three decades ago, has made substantial growth and attracted the attention of investors and bankers across the world.<br \/>Currently, there are nearly 300 Islamic banks and financial institutions worldwide with assets predicted to grow to $1 trillion by 2013.<br \/>Western financial institutions, including Citigroup, Deutsche Bank, HSBC and UBS, are increasingly offering Islamic products.<br \/>Islamic banking operates by sharing profit or loss between the bank and its clients, instead of interest, which is forbidden.<br \/>Islam forbids Muslims from usury, receiving or paying interest on loans.<br \/>Islamic banks and finance institutions cannot receive or provide funds for anything involving alcohol, gambling, pornography, tobacco, weapons or pork.<\/p>\n<p><em>Source: OnIslam &amp; Newspapers<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Putting Australia on the path to join the booming Islamic finance, a Muslim wealth manager is planning to establish the country\u2019s first Shari`ah-compliant equity fund.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1789","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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